Pengaruh Waqf Literacy, Financial Self-Efficacy, Islamic Branding, Love Of Money Terhadap Minat Berwakaf Tunai Pada Generasi Z: Lifestyle Sebagai Mediasi
DOI:
https://doi.org/10.26740/jekobi.v9n2.p119-142Keywords:
Financial Self-Efficacy, Islamic Branding, Love of Money, Lifestyle, Cash Waqf IntentionAbstract
This study aims to analyze the influence of Waqf Literacy, Financial Self-Efficacy, Islamic Branding, and Love of Money on Cash Waqf Interest in Generation Z, with Lifestyle as a mediating variable. The potential for cash waqf in Indonesia is enormous, but the level of public participation, especially among Generation Z, is still relatively low. Therefore, an understanding of the factors that may influence Generation Z's interest in cash waqf is necessary. This study used a quantitative approach with a survey method. The sampling technique was purposive sampling. Data analysis was performed using the SEM-PLS method using SmartPLS. The results showed that Waqf Literacy, Financial Self-Efficacy, and Islamic Branding have a positive and significant effect on Cash Waqf Interest. Meanwhile, Love of Money did not significantly influence Cash Waqf Intention. In the indirect effect test, Lifestyle was shown to mediate the influence of Waqf Literacy and Love of Money on Cash Waqf Intention. However, Lifestyle was unable to mediate the influence of Financial Self-Efficacy and Islamic Branding on Cash Waqf Intention. The findings of this study indicate that Waqf Literacy is the most dominant factor in increasing Cash Waqf Intention among Generation Z.
References
Abwanzo, B. (2013). Love of Money is the Root of All Evil. The Lancet Neurology, 12(6), 536. https://doi.org/10.1016/S1474-4422(13)70114-5
Achmad, A., & Putra, J. (2025). The influence of financial literacy , hedonism lifestyle , paylater , impulse buying through risk perception. Multidisciplinary Science Journal, 8(5), 55–78. https://doi.org/10.31893/multiscience.2026325
Ahmad, F. (2025). Journal of Behavioral and Experimental Finance Personality-driven value investing : The mediating role of financial self-efficacy and versatile cognitive styles. Journal of Behavioral and Experimental Finance, 48(3), 101–114. https://doi.org/10.1016/j.jbef.2025.101114
Alnaief, M., Rissouni, K., Abdelgalil, R. I., & Almansoori, M. (2024). New Issues Temporary Muslim Endowments (Waqf). ISRA International Journal of Islamic Finance (IJIF), 16(1), 136–152. https://doi.org/10.55188/ijif.v16iS1.735
Alvi, T. H., Tariq, S., Atif, M. M., Ozturk, I., & Saeed, M. (2024). Spirit at work : a panacea for ethical problems caused by marketing managers ’ love of money. Journal of Asia Business Studies, 18(6), 1647–1667. https://doi.org/10.1108/JABS-01-2024-0035
Amaroh, S., & Istianah, I. (2020). Women and Islamic Financial Literacy. PALASTREN Jurnal Studi Gender, 13(2), 259. https://doi.org/10.21043/palastren.v13i2.6523
Ambardi, A., Aini, N., & Aminah, A. (2023). Fundamental Literacy of Cash Waqf and Its Impact on Interest in Waqf Among Students With Religiosity as a Moderating Variable. JESI (Jurnal Ekonomi Syariah Indonesia), 13(2), 313. https://doi.org/10.21927/jesi.2023.13(2).313-324
Amin, H. (2025). Digital-based cash waqf behavioural scale : a maqasid approach. Management & Sustainability: An Arab Review, 4(4), 56–94. https://doi.org/10.1108/MSAR-03-2025-0081
Amin, I. A., & Arif, M. N. R. Al. (2024). The role of trust on investors ’ intention to shares waqf in Indonesia. Jurnal Ekonomi Dan Keuangan Islam, 10(2), 247–262. https://doi.org/10.20885/JEKI.vol10.iss2.art8
Anbar, A., & Eker, M. (2019). The Effect of Sociodemographic Variables and Love of Money on Financial Risk Tolerance of Bankers. Business and Economics Research Journal, 10(4), 855–866. https://doi.org/10.20409/berj.2019.206
Andespa, R., Yeni, Y. H., Fernando, Y., & Sari, D. K. (2024). Sustainable Development of Islamic Banks by Creating Islamic Branding : Challenges , Importance , and Strategies of Islamic Branding. International Journal of Sustainable Development and Planning, 19(2), 637–650. https://doi.org/10.18280/ijsdp.190221
As’ad, S., Mawardi, I., & Anshori, M. (2025). Linking Islamic branding and marketing communication with Islamic financial inclusion : the mediating role of Islamic financial literacy. Journal of Islamic Accounting and Business Research, 16(4), 412–451. https://doi.org/10.1108/JIABR-09-2023-0296
Asandimitra, N., & Kautsar, A. (2019). The influence of financial information, financial self efficacy, and emotional intelligence to financial management behavior of female lecturer. Humanities and Social Sciences Reviews, 7(6), 1112–1124. https://www.researchgate.net/publication/338480582
Canggih, C., & , Imron Mawardi , Zaimy Johana Johan, Y. P. T. (2025). Digital Transformation of Islamic Endowments ( Waqf ): What Appeals to Generation Z in e-Cash Waqf ? Journal of Information Systems Engineering and Business Intelligence, 11(3), 337–352. https://doi.org/10.20473/jisebi.11.3.337-352
Chandrawati, Kiftya, Muhadjir Anwar, I. W. (2023). The Role of Lifestyle as a Mediator of The Influence of Financial Knowledge o n Career Women ’ s Financial Behavior. Jurnal Ekonomi Manajemen, 8(1), 1–24. https://doi.org/10.30996/jem17.v8i1.7424
Chaudary, S., Zafar, S., & Tang, T. L. (2022). Investors ’ financial aspirations excite investment decisions : current income , future inheritance expectations , and short-term and long-term decisions — The Matthew Effect in Pakistan ’ s emerging markets. IJOEM, 19(5), 73–94. https://doi.org/10.1108/IJOEM-07-2021-1098
Creswell. (2018). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. In Writing Center Talk over Time. Thousand Oaks: CA: SAGE Publications. https://doi.org/10.4324/9780429469237-3
Delshad, N. N., Gwilym, O., & Parry, S. (2026). FinTech and financial literacy : an exploratory study of international students in the UK. Journal of Financial Reporting and Accounting, 24(3), 45–70. https://doi.org/10.1108/JFRA-11-2025-0950
Wakaf, DT. (2026). Hasil Survey 2026: Minat Berwakaf Uang Tinggi, Realisasi Masih Minim. Retrieved August 10, 2026, from wakafdt.org website: https://wakafdt.org/hasil-survey-2026-minat-berwakaf-uang-tinggi-realisasi-masih-minim/
Dwi Nugroho, A., Prahatma Ganinda, F., Fikrianoor, K., & Hidayatulloh, A. (2020). Money Ethic Memengaruhi Penggelapan Pajak: Peran Love of Money. Transparansi : Jurnal Ilmiah Ilmu Administrasi, 3(2), 132–138. https://doi.org/10.31334/transparansi.v3i2.895
Engel, J.F., Blackwell, R.D., & Miniard, P. W. (1995). Consumer Behavior (8th ed.). Dryden Press. Retrieved from https://openlibrary.org/books/OL9946019M
Goodstat. (2026). 42% Gen Z Masih Andalkan Orang Tua Sebagai Sumber Penghasilan. Retrieved July 5, 2026, from goodstats.id website: https://goodstats.id/article/42-gen-z-masih-andalkan-orang-tua-sebagai-sumber-penghasilan-c7RnO?
Haidlir, B. M., Laksmono, B. S., Kasri, R. A., Azizon, A., & Hartono, D. (2021). Public Behaviour on Cash Waqf: Evidence from Indonesia. Jejak, 14(2), 316–332. https://doi.org/10.15294/jejak.v14i2.32032
Hardt, M. (2011). For love or money. Cultural Anthropology, 26(4), 676–682. https://doi.org/10.1111/j.1548-1360.2011.01119.x
Pinasti, U. S., & Achiria, S. (2024). The effect of financial literacy and financial capability on the interest in social investment- based cash waqf linked Sukuk investment. Journal of Islamic Economics Lariba, 10(2), 999-1020. https://doi.org/10.20885/jielariba.vol10.iss2.art20
Indonesia, B. W. (2025a). Mengupas Tuntas Perilaku Wakif di Era Wakaf Online Indonesia. Retrieved from Badan Wakaf Indonesia website: https://www.bwi.go.id/11325/2025/06/27/materi-twrde-seri-05-mengupas-tuntas-perilaku-wakif-di-era-wakaf-online-indonesia/
Indonesia, B. W. (2025b). Potensi 2000 Triliun, Ketua BWI: Wakaf Bisa Jadi Kunci Entaskan Kemiskinan. Retrieved October 31, 2025, from Badan Wakaf Indonesia website: https://www.bwi.go.id/11426/2025/08/08/potensi-2000-triliun-ketua-bwi-wakaf-bisa-jadi-kunci-entaskan-kemiskinan/
Indonesia, Y. (2025). Media consumption in Indonesia 2025. Retrieved from https://yougov.com/reports/52747-id-media-consumption-report-2025
Ismail, M. S. I., Harun, T. W. R., Ismail, S., Aziz, A., & Ibrahim, M. A. (2022). Definition of Islamic Brand: A Study From Islamic Conjuction and its Findings. International Journal of Academic Research in Business and Social Sciences, 12(8), 1797–1809. https://doi.org/10.6007/ijarbss/v12-i8/14731
Jia Qi, Yu Zhang, Sheri Worthy, & Kim, J. (2025). From financial self-efficacy to financial behaviors: the role of financial advice seeking and stress. International Journal of Bank Marketing, 43(10), 442–461. https://doi.org/10.1108/IJBM-10-2024-0603
Joseph F. Hair, Jr., G. Tomas M. Hult, Christian M. Ringle, M. S. (2022). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (third edit). Singapore: SAGE Publications Asia-Pacific Pte. Ltd. Retrieved from https://www.researchgate.net/publication/354331182
Kartawinata, B. R., Fakhri, M., Pradana, M., Hanifan, N. F., & Akbar, A. (2021). The Role Of Financial Self-Efficacy: Mediating Effects Of Financial Literacy & Financial Inclusion Of Students In West Java, Indonesia. Journal of Management Information and Decision Sciences, 24(Special Issue 2), 1–9. Retrieved from https://www.researchgate.net/publication/358536274
Kasri, R. A., & Chaerunnisa, S. R. (2022). The role of knowledge, trust, and religiosity in explaining the online cash waqf amongst Muslim millennials. Journal of Islamic Marketing, 13(6), 1334–1350. https://doi.org/10.1108/JIMA-04-2020-0101
Keuangan, O. J. (2024). Siaran Pers Bersama OJK dan BPS Umumkan Hasil Survei Nasional Literasi dan Inklusi Keuangan Tahun 2024. Retrieved from https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/OJK-dan-BPS-Umumkan-Hasil-Survei-Nasional-Literasi-dan-Inklusi-Keuangan-Tahun-2024.aspx
Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson Education. Retrieved from https://books.google.com/books/about/Marketing_Management.html?id=UbfwtwEACAAJ
Lestari, I. P., Pambekti, G. T., & Annisa, A. A. (2023). Cash Waqf Behavior: Explaining Financial Consciousness and The Moderating Role of Religiosity. Muslim Business and Economic Review, 2(1), 49–78. https://doi.org/10.56529/mber.v2i1.155
Marpaung, M., & Lubis, I. S. (2024). Transformation of Waqf in the Digital Era : Qualitative Analysis of Waqf Crowdfunding Models and Cash Waqf Savings Products from the Perspective of Maqashid Syariah. International Journal of Economics, Management and Accounting, 1(3), 203–219. https://doi.org/10.61132/ijema.v1i3.794
Mujahidah, A. S., & Rusydiana, A. S. (2022). Indonesian Muslim Youth - Factors Influencing Intention to Perform Cash Waqf. International Journal of Islamic Economics and Finance (IJIEF), 6(1), 53–72. https://doi.org/10.18196/ijief.v6i1.13964
Noor, N. (2025). A closer look at halal brand image : systematic review and. JIMA, 16(10), 2900–2924. https://doi.org/10.1108/JIMA-06-2024-0259
Nugraha, Ahmad Lukman, Adib Susilo, Miftahul Huda, Mohamad Anton Athoillah, C. R. (2022). Waqf Literacy: The Dynamics of Waqf in Indonesia. Journal of Islamic Economics and Finance Studies Volume, 3(2), 102–120. https://doi.org/10.47700/jiefes.v3i2.5082
Nurjanah, S., & Fithria, A. (2024). Investigating the Impact of Accountability, Religiosity, and Waqf Literacy on Community Interest in Cash Waqf. AL-ARBAH: Journal of Islamic Finance and Banking, 6(1), 1–16. https://doi.org/10.21580/al-arbah.2024.6.1.20896
Peetz, J., Wohl, M. J. A., & Tabri, N. (2025). When Love and Money Collide : The Role of Financially Focused Self- Concept in Relationships. Personal Relationships, 32(4), 7–18. https://doi.org/10.1111/pere.70032
Pinto-gutierrez, C., & Romaní, G. (2022). The effect of formal financial accessibility on love money investment. European Business Review, 35(2), 121–136. https://doi.org/10.1108/EBR-10-2022-0210
Prawitasari, D., Kadarningsih, A., & Ahmad, M. (2025). Financial Behavior of Gen Z Students : Digital Lifestyle , FoMo , and Financial Literacy. SOLUSI : Jurnal Ilmiah Bidang Ilmu Ekonomi, 23(3), 475–487. https://doi.org/10.26623/slsi.v23i3.12359
Rothwell, D. W., Khan, M. N., & Cherney, K. (2016). Building Financial Knowledge Is Not Enough: Financial Self-Efficacy as a Mediator in the Financial Capability of Low-Income Families. Journal of Community Practice, 24(4), 368–388. https://doi.org/10.1080/10705422.2016.1233162
Rozalinda, R., Mardiah, N., & Pratama, C. (2023). The Effect of Cash Waqf Literacy on Cash Waqf Decision with Interest in Waqf as a Mediating Variable. Ekonomika Syariah: Journal of Economic Studies, 7(2), 44–65. https://doi.org/10.30983/es.v7i2.7535
Saadah, N., & Samroh, S. (2021). Love of Money, Religiosity, and Gender: How do These Affect the Ethical Perceptions of Public Accountants? Accounting Analysis Journal, 10(1), 71–77. https://doi.org/10.15294/aaj.v10i1.44736
Sholehuddin, S. (2025). Can Islamic branding and religiosity enhance the financial performance of halal MSMEs ? An explanatory study. Multidisciplinary Science Journal, 8(4), 71–90. https://doi.org/10.31893/multiscience.2026276
Simiyu, N. N., Kumar, S. S., & Kivuyo, R. B. (2025). Exploring the influence of financial self-efficacy and facilitating conditions on intentions and actual borrowing in buy now , pay later services. International Journal of Bank Marketing, 43(8), 1705–1731. https://doi.org/10.1108/IJBM-09-2024-0527
Shofiyatunnisa, F. (2025). Effects of Work-Life Balance and Work Environment on Employee Engagement Among Generation Z in Private Companies. Journal Research of Social Science, Economics, And Management, 5(2), 2962-2970. https://doi.org/10.59141/jrssem.v5i2.1011
Tang, T. L. P., & Chen, Y. J. (2008). Intelligence vs. Wisdom: The Love of Money, Machiavellianism, and Unethical Behavior across College Major and Gender. Journal of Business Ethics, 82(1), 1–26. https://doi.org/10.1007/s10551-007-9559-1
Wahyuddin, Siradjuddin, & Misbahuddin. (2024). The Concept of Waqf : Analysis of Waqf Thought According to Imam Shafi ’ i. Ar-Ribh: Jurnal Ekonomi Islam, 7(1), 1–8. https://doi.org/10.26618/jei.v7i1.14512
Widjayanti, C. E., & Adawiyah, W. R. (2025). Financial literacy innovation is mediated by financial attitudes and lifestyles on financial behavior in MSME players. Journal of Innovation and Entrepreneurship, 14(57), 264–294. https://doi.org/10.1186/s13731-025-00525-5
Yulia, Y., Herinawati, H., & Rahman, M. (2023). Legal Protection of Small and Medium Industry Products Through Trademark from an Islamic Law Perspective. Proceedings of Malikussaleh International Conference on Law, Legal Studies and Social Science (MICoLLS), 3(1), 42–58. https://doi.org/10.29103/micolls.v3i-.321
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Muhammad Nabil Sholahudin

This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License.
Abstract views: 7
,
PDF Downloads: 2








